EW Analysis: EUR/CAD With Clear Bullish Setup
Gregor Horvat | Sep 13, 2018 10:52AM ET
Hello traders,
Today we will talk about EUR/CAD. We have noticed a very clear bullish pattern with impulsive five waves up and three waves of correction, which in EW theory suggest more upside! So, as you can see, we have labeled it to the point of continuity and this is actually our favorite count in which we have very strong confidence.
What we need now is to confirm that our analysis is correct, so if we see a break above channel resistance line of a corrective channel, followed by a break above 1.5291 region, then we would have a confirmation that it can be headed much higher into new highs above 1.5370 within a new bullish five-wave cycle!
However, even if EUR/CAD goes more complex here, for example back below 1.5089 support, even then we would be looking bullish as long as it's trading above 1.4798 invalidation level.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.